Change in U.S. commercial real estate under construction

Source: CoStar Group Inc.

For all property types, new development (on a square-foot basis) decreased compared to March 2016. Office construction fell 30 percent, followed closely by industrial (-29 percent) and retail (-22 percent). Month-over-month, the percentage of industrial under construction decreased by 7.1 percent, followed by the 7 percent decrease for office construction, while the percentage of retail construction decreased by 5.5 percent. Office construction peaked in March 2015 at 114.5 million square feet, but the sector experienced a 22 percent decline in construction in the following year.